Finance Minister Ishaq Dar said on July 11 that the State Bank of Pakistan (SBP) has received $2 billion from Saudi Arabia.
“This inflow has increased the forex reserves held by SBP and will accordingly be reflected in the forex reserves for the week ending July 14, 2023,” Dar said. The minister extended “heartfelt thanks to the leadership of the Kingdom of Saudi Arabia for their great gesture and support by placing the said deposit of $2 billion with the State Bank of Pakistan”.
The financial support from Saudi Arabia is a major boost for the cash-deprived economy following the $3 billion Stand-by Agreement with the International Monetary Fund (IMF).
The Kingdom had reportedly pledged the money to Pakistan and waited for the much-awaited IMF deal finzalition before depositing it.
PM thanks Saudi Arabia for $2 billion support
Prime Minister Shehbaz Sharif expressed his gratitude to Saudi Arabia and Crown Prince Mohammad Bin Salman for ensuring financial support to Pakistan.
“This deposit will strengthen Pakistan’s foreign exchange reserves. It reflects the growing confidence of our brotherly countries and the international community in Pakistan’s economic turnaround. We remain committed to making all necessary efforts to improve Pakistan’s economy,” PM Sharif said.
The prime minister later held a meeting with Saudi Ambassador Nawaf Bin Saeed Ahmed Al-Malkiy and thanked him for the Saudi leadership’s “ unwavering support for Pakistan“.
The PM asked the Ambassador to convey his special gratitude to Crown Prince and Prime Minister HRH Mohammed bin Salman for the deposit of $2 billion dollars with the State Bank of Pakistan. pic.twitter.com/b2EZkeDPCP
— President PMLN (@president_pmln) July 11, 2023
